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Mortgage Trends
Internet Lenders
Internet lenders have a reputation as being unreliable. The internet can be a great resource for mortgage information but when it comes to funding your loan with the terms you think you have, the internet has proven to be a giant failure. In fact, most real estate agents will not accept a pre-approval letter from an internet lender when an offer is made on their listing.
Anyone can put up a mortgage website and be in business overnight and be out of business overnight. Closing costs can vary significantly from state to state and out of state internet lenders often misquote fees.
Most internet lenders don't employ experienced loan officers to consult with you. Typically you will only interact with clerical staff and never consult with a loan officer.
Accountability. There is no accountability to you or your real estate agent from an internet lender as it is a one-time transaction. I personally have had to rescue several borrowers in mid-process from internet lending disasters. Every borrower that I have talked to that has tried to obtain their mortgage on the internet has regretted it. Also, there has been concern regarding the confidentiality of your financial information as some of the prominent internet lenders are currently outsourcing their underwriting services overseas, raising the opportunity for identity theft.
Cherry Creek Mortgage
4301 Hacienda Dr. Ste. 120
Pleasanton, CA. 94588
Phone 800-325-2062
Fax 925-520-0231
